Condos in decline

So far, the worse looking condo that I have seen in Toronto

[Audrey] Loeb estimates that as many as 20 per cent of condos in the Toronto area are facing problems so severe that, in some cases, the province will be forced to step in and help residents dissolve the condominium corporation and sell the buildings.

Courts have yet to face legal battles between owners who want to sell the building and those who don’t, but Loeb believes those cases are coming.

“This is a terribly politically incorrect position to take,” she says, “but the truth is that people who don’t have extra money shouldn’t be living in condominiums.
Maclean's magazine April 2014

Common elements
Self-Interest
Going downhill
Physical decline
Hitting bottom
Low fees
Won't raise fees
Cost cutting
Businesses
Overcrowded units
Why overcrowded units?
Overcrowding & safety
Slumlords
CMHC blacklist
Values drop
Warring camps
Lying
Incompetence
Arrears
Spend, spend
Funding expensive repairs
Living in denial
The danger signs
So what can you do?

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